SC willing to defreeze Sahara bank accounts

The Supreme Court today said it was “willing” to defreeze the bank accounts of Sahara and allow the group to sell properties to raise Rs 10,000 crore New Delhi: The Supreme Court today said it was “willing” to defreeze the bank accounts of Sahara and allow the group to sell properties to raise Rs 10,000 crore for getting bail to Subrata Roy and sought details in this regard.

“We are willing to pass an order. You (Sahara) tell us you want to raise money. Tell us about the property and bank accounts. You have not given us so far,” a bench comprising justices K S Radhakrishnan and J S Khehar said.

The bench, which had last year frozen all bank accounts of companies and restrain them from selling any properties without its approval, made the remarks as senior advocate Rajiv Dhavan, appearing for the Group, said it is difficult to raise the money under these conditions.

At the end of the day-long hearing, the counsel said the company will identify the properties along with the bank accounts and will inform the court and seek defreezing of bank accounts.

He said raising money has become a difficult proposition as the chief of the Group, Subrata Roy and two senior officials are in jail.

“People sitting in jail under the court’s order cannot do business,” Dhavan said and added that “in order to make things workable there must be variation in order.”

“Your lordship has been rigid about this case, certainly making it difficult to argue,” he submitted.

Further, he complained that Roy and two others are in jail on the basis of order which does not appear to be legal and the apex court transgressed its power.

“It is a civil liberty issue of gross proportions,” the senior advocate said and added that “the March 4 order is grossly and entirely illegal and draconian which concerns the entire Bar.”

“If contempt cases are decided in such a manner it is a great transgression of jurisprudence,” he said.

Today’s hearing also some heated arguments in the begining with the counsel making it clear to the bench that he cannot complete aruguments in a within a specified time as desired by it.